Do you know what does e-KYC really mean? It means e-KYC enables an Aadhaar card holder to allow UIDAI to reveal his/her personal information to service providers who wish to instantaneously activate services such as mobile post-paid and opening bank accounts, etc.
Aadhaar Based e-KYC: All You Need To Know
KYC alias called as Know Your Customer is a mandatory process that most mobile service providers and insurance companies require their customers to be done.
What is KYC?
As per the guidelines of RBI, banks and other financial sectors should collect the information about their customer’s identity and address. This process of obtaining and verifying this information is called KYC, i.e. Know Your Customers.
What Are Section a KYC Form Consists of?
A KYC form consists of the following:
- Personal Information – This includes your name, date of birth, the name of your spouse/parent.
- Contact Details – This includes your address and place and also includes the contact number and email id.
- ID Proofs – A valid identity proof like driving license, Aadhar, voter id, rent agreement, etc.(any one of these) should be submitted along with the form.
Documents Required for Completing KYC
Submit One Of the Below As Identity Proof:
- Copy of Passport, Aadhaar Card, Voters’ Identity Card, PAN Card, Driving License, NREGA Job Card
- Identity card with person’s photograph issued by Central/State Government Sectors
- Letter issued by a gazette officer with attested photograph
For Address Proof, You Can Use Any One Of the Below:
- Utility Bills of any of the service providers like electricity, telephone, mobile phone postpaid, Gas connection and water (not exceeded more than 2 months)
- Back account and post office savings account passbook
- Municipal tax receipt
So, What is the KYC Process?
The UIDAI offers this KYC service which enables an individual to share his/her contact details, Gender, Date of Birth, Phone & Email and other information with a UIDAI partner organization. So, what is the KYC process? Let me explain:
- Visit the site of the bank or financial company and choose “KYC” option.
- Enter your Aadhaar card number and link it to your bank account. You will receive an OTP on your registered mobile number.
- Enter the OTP and then enter your demographic information.
- Enter all the required details asked in the form to complete the KYC formalities.
Why You Need to Opt eKYC?
You can complete the KYC process online with the comfort of your home. There are no forms to download and no need to visit a head office for verification. All the above, the process is almost instant as the KYC details are provided in real time without any manual intervention.
Frequently Asked Questions about KYC
1) Who Can Make Use of Aadhaar Based eKYC Document?
This KYC service is available to all first time mutual fund holders andinvestors who are not KYC complied and who doesn’t have a valid Aadhaar number.
2) What Are the Steps for Becoming KYC Complied Aadhaar Card Holder?
Step 1: Enter all the required details including Aadhaar number, DOB, valid e-Mail ID and Registered Mobile number (the one mentioned on your Aadhaar card).
Step 2: Click on generate OTP and enter the OTP received in your registered mobile number and click on Next.
Step 3: Now, cross check all the details and submit the form.
What Are the Benefits of e-KYC Services?
- The registration process for KYC is entirely paperless and can be done online within few minutes.
- The chance of submitted forged documents and the possibility fraudulent activities will be eliminated with eKYC as the UIDAI sends only a tamper proof digital copy.
- The information will be shared with the service providers only after the UIDAI receives proper consent from the Aadhar holder.
The above given are the information that you might need to be aware of! 🙂